this spike we saw last week was the biggest spike since 2012. those kind of spikes often happen in lowpriced lowtraded stocks. they spike up multiple 100% for 1 day or 2 and then fall down to where they came from.
if you look at the history of this pair you can see this happing all too often.
so selling the selloff can be a good play. in this case the blue consolidation wouldve been a much better entry but i think the current red one provides still a of about 1.5 average if you wanna go with conservative stops. and potentially 10:1 or something like that on a lower timeframe for an agressive stop. I never traded this pair, so im just goin to do it for fun and see how it goes.